Nigeria in 1min: Economic, Business & Financial Headlines – 080616

PROSHARE ECONOMY A reduction in the NNPC’s monthly deficit - The NNPC’s accounts for March show a group operating deficit of N18.9bn (US$96m) vs N24.2bn the previous month. Group revenue picked up slightly to N107.8bn (US$547m) from N104.8bn, but slumped to just N49m (US$0.2m) from N672m for the Nigerian Petroleum Development Company. Source Proshare Read More

Nigeria Oil Palm Industry: Time to Extract Trapped Value - The Nigeria oil palm industry has been in the spot light in recent times following the exclusion of Palm oil importers from accessing the CBN FX window. In our view, the move would support a reduction in the importation of palm oil products, thereby boosting local production. Source Proshare Read More

Current Conditions and the Outlook for the U.S. Economy - I am delighted to be with you today. I will discuss recent economic developments, the outlook, and their implications for monetary policy. My message will be largely favorable, although recent developments have been mixed. Source Proshare Read More

Global Economy is Recording Improved Optimism - The prices of government bonds depreciated in more countries in May 2016 than they appreciated. The 17% April 2022 Egypt Government Bond recorded the highest month-on-month price decrease of 10.70% to 106.26. Source Proshare Read More

W’Bank Cuts 2016 Global Growth Forecast to 2.4% - The World Bank is downgrading its 2016 global growth forecast to 2.4 per cent from the 2.9 percent pace projected in January. The move is due to sluggish growth in advanced economies, stubbornly low commodity prices, weak global trade, and diminishing capital flows. Source Thisday Read More

‘Nigeria technically in recession’ as oil revenue dips - Bismarck Rewane - Nigeria’S economy is inching towards recession after monthly oil revenues dipped from $1.2 billion earlier in the year to $500 million. The development could trigger an external and balance of payment crisis, the Managing Director, Financial Derivatives Company (FDC) Limited, Bismarck Rewane, has said. Source THE NATION Read More

Consumer goods firms face new headwind as sugar price surges - The price of raw sugar that has jumped 24 percent this year, trading at levels last seen in October 2013 (19.42 cents to a pound) is emerging as a new headwind for Nigerian consumer goods manufacturers who use the sweetener as input for their products. Source BUSINESSDAY Read More

Seme Customs command generates N543m in May - The Seme border Command of the Nigeria Customs Service, NCS, generated N543 million revenue in May 2016. Source Vanguard Read More

Nigeria’s First Aerospace Show To Generate $50bn Investment - Nigeria expects to attract about $50 billion investments from local and foreign investors to the country’s aviation industry with her first ever international aerospace and airport show. Source Leadership Read More

12 million cars owners in Nigeria use fake insurance cover- Senate - The Senate yesterday mandated its Committee on Banking, Insurance and other financial institutions to invite stakeholders in the insurance sector to look into recent findings which showed that over 12 million motorists in the country use fake insurance papers. Source THE NATION Read More

Actis Raises over $500m for New African Real Estate Fund - A leading growth markets investor, Actis, has announced that it has reached final close on its third opportunistic private real estate fund, Actis Africa Real Estate Fund 3 (ARE3) with commitments totalling more than $500 million, comfortably exceeding its original $400 million target. Source Thisday Read More

IOSCO issues Statement on clear disclosure for investors - The Board of the International Organization of Securities Commissions (IOSCO) today issued the Statement on Non-GAAP Financial Measures. Source Proshare Read More

PROSHARE MARKETSWeak Compliance on Public Float may kill market confidence on NSE soon - Confidence in the market technically suggests that the market belongs to the investors. If we agree without much debate that investors' confidence is the essential oxygen that market lives on, without it market may suffer paralysis so to speak. Source Proshare Read More

UBA leads losers as equities market extends losses - The equities market closed today on a negative note, as NSE ASI depreciated by 0.45% to close at 27,475.48basis points, compared with the 0.13% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -4.07%. Source Proshare Read More

Transitional Concessions Agreed between the NSE & the FRC Regarding Rules 1 and 2 of the FRC’s Rules - We wish to draw the attention of all Entities to the rules of the Financial Reporting Council of Nigeria (FRC), some of which were made public by the FRC on 15 March 2015 (FRC Rules). Please be advised that these rules are largely matters already covered by the FRC Act, 2011. Source Proshare Read More

Lafarge Africa Plc Notifies Of a N100bn Bond Issuance Programme - We refer to previous correspondence on the above subject and write to inform that further to an application submitted to the Securities & Exchange Commission (‘’SEC’’) on behalf of Lafarge Africa Plc (‘’Lafarge Africa’’ or ‘’the Company’’), SEC - by a letter dated May 27, 2016 confirmed the registration of the Company’s N100,000,000,000 Bond Issuance Programme and the clearance of the draft documents submitted in respect of the Series I and Series II Bond Issuances Source Proshare Read More

Unity Bank enters agreement with investment firm to strengthen capital - Unity Bank Plc has embarked on a strategic alliance with Black Trituium, an equity and investment fund manager, in a bid to achieve a milestone repositioning of the Bank. Source BUSINESSDAY Read More

Update on the Release of ROYALEX Audited Financial Statements for the Year Ended December 31st, 2015 - Further to our press release in the Guardian Newspaper of May 5, 2016 and Thisday Newspaper of May 18, 2016 on the delayed rendition of the company’s 2015 year end audited financial statements as required by the Nigerian Stock Exchange (“NSE”) Rules, we wish to inform our esteemed shareholders of a possible further extension to the release of Royal Exchange Plc’s 2015 audited financial statements. Source Proshare Read More

Nigeria To Raise N105bn Through Bonds As Naira Slides Down - The Debt Management Office(DMO) would today raise N105 billion through the reopening of three Federal Government Of Nigeria (FGN) bonds that had been previously issued with maturities ranging between five to 20 years, as the naira further declined in value to N361 to the dollar. Source Leadership Read More

Shell Says Impossible to Repair Stricken Nigerian Oil Facility - Royal Dutch Shell Plc said it won’t attempt to repair a key pipeline in Nigeria for now after militants attacked it a second time last week, the latest sign of alarm among foreign oil companies in the African nation. Source Bloomberg Read More

Shell to exit ten countries - Energy giant Royal Dutch Shell on Tuesday said it could exit up to 10 countries under a previously announced plan to sell oil and gas assets over two years. Source Guardian Read More

Crude oil prices hit 2016 high at $51.29 a barrel - Crude oil prices rose from $50 per barrel to hit 2016 high at $51.29 per barrel during the early trading hours of yesterday, which is the highest since eight months ago. Source Guardian Read More

PROSHARE BUSINESSAwoyemi weighs in on the FRC rule on Chartered Accountants in Audit Committees - As the debate over the recent draft rule by the Financial Reporting Council of Nigeria(FRCN) spelling out the qualification individuals aspiring to the position of audit committee chairmen of quoted companies must possess takes on a heightened pace, professionals and market analysts have opined that the rule, probably well intentioned does not match the guidance as intended from the FRC UK it is copying the provisions from. Source Proshare Read More

Oando Plc Secures 5 Year, N94.6 Billion Medium Term Facility with 10 Nigerian Banks - Oando PLC yesterday announced the conclusion of a N94.6 Billion facility provided by ten leading financial institutions in Nigeria. The financing, coordinated by the mandated Lead Arranger, Access Bank Plc, is a 5 year Medium Term Note (MTN) at Nibor + 200 bps as a crucial part of their strategic restructuring plans. Source Proshare Read More

Plunging business sentiment points to South African recession - South Africa's economy looked set on Tuesday for its first quarterly contraction in a year after measures of business sentiment tumbled, dragged down by shrinking consumer spending that has sunk hopes of a retail-led recovery. Source Reuters Read More

Egypt central bank injected $15.694 bln into banks in Nov-April - Egypt's central bank injected $15.694 billion into the country's banks from November through April through both regular weekly dollar auctions and exceptional auctions, a statement from the country's presidency said on Tuesday. Source Reuters Read More

Saudi Post-Oil Plan Weighs Income Tax on Expat Workers - Saudi Arabia is considering a plan to tax millions of foreign residents as the kingdom seeks to reduce its reliance on oil revenue after the plunge in crude prices. Source Bloomberg Read More

PROSHARE TECHNOLOGYGlobal Technology Partners Wins ‘Visa Prepaid Service Provider of the Year’ - Global Technology Partners (GTP), a processor of Visa prepaid debit cards in over 30 African countries, has been awarded the ‘Visa Prepaid Service Provider of the Year’ at the Prepaid Summit Middle East and Africa 2016. Source Proshare Read More

PROSHARE STARTUPSSahara Foundation Targets 12m Beneficiaries Through Extrapreneurship Platforms - Sahara Foundation has adopted the extrapreneurship strategy to drive integrated economic empowerment programmes through strategic partnerships and support for innovative as well as scalable business ventures. Source Proshare Read More